Abiy Calls for Continental Economic Transformation


Abiy Calls for Continental Economic Transformation

Calling for a shift away from aid dependency, Prime Minister Abiy Ahmed (PhD) addressed Africa's progress and challenges, emphasising the impact of geopolitical dynamics, economic hurdles, climate change, and technological advancements. During his 37th African Union (AU) Summit, Abiy addressed heads of states and pointed to Africa's vast resources, favourable climate, and large population as potential drivers for growth. While acknowledging financial constraints in the education sector, Abiy also highlighted broader challenges such as climate change, the rising cost of living, and the burden of debt. He lamented the inadequacy and high cost of financial access due to inequalities in the global financial architecture. Abiy stressed the importance of long-term financing for infrastructure development, food security, and improvements in health and education. He called for investments from financiers to support these critical areas. Reflecting on history, he highlighted the disruptive impact of colonialism, which aimed to dismantle national identity, erode knowledge, and undermine cultural heritage. Addressing the importance of peace and security, Abiy highlighted their role in social and economic development. He emphasized the significance of regional and continental integration to diversify economies and ensure peaceful coexistence with neighbouring countries. "Pragmatic solutions are needed for the continent's transformation," he finally remarked.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email